![]() Those users represent more than 600,000 organizations, 95,000 of which are paying customers as of April. The company passed 10 million active daily users in January, after adding 4 million new accounts within roughly nine months. Slack’s revenue momentum is a direct function of the rapid growth of its user base. The company increased revenues by a massive 82% in the 2018 fiscal year, to $400 million, and closed its most recent quarter with sales of $134.8 million, up 67% from 12 months earlier. ![]() In the case of Slack, its market leadership position and rapid growth went a long way toward offsetting the risks normally associated with a direct listing. But it also comes with certain risks, which is why Spotify Technology SA was the only major tech firm prior to Slack that chose a direct listing over an IPO. This avoids the hefty underwriting fees involved in a traditional IPO and thus increases the potential payoff from the offering. ![]() Instead, it simply puts existing shares up for sale directly on the stock market. In a direct listing, a company doesn’t go through investment banks to issue new shares and line up a group of initial investors to buy them. Instead of an IPO, the team chat service provider opted to hit the stock market through what’s known as a direct listing. The NYSE advisory was necessary because Slack’s shares weren’t put up for grabs at a predefined price as they are in a traditional initial public offering. Update: Shares cooled slightly during the trading day, closing up just under 49%. Slack, trading under the ticker symbol “WORK,” is now hovering around $41.70 a share, which is 60% higher than the $26 reference price the NYSE had set for the stock on Wednesday evening. The stock kept rising in early trading and quickly passed the $40 mark. today made its long-anticipated debut on the New York Stock Exchange at $38.50 a share, tripling its valuation to a stunning $21 billion.
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